Oil climbs towards $95 as US-Iran strikes intensify

Crude oil prices surged nearly 3% towards a six-week high as escalating US-Iran strikes around the Strait of Hormuz heightened concerns over potential disruptions to global oil flows. Brent crude rose to $98.67 per barrel, while WTI advanced to $94.31, with markets closely monitoring the risk of further escalation following US strikes on Iranian tankers. Supply concerns were compounded by disruptions at some Saudi energy facilities following attacks by Iran-aligned Houthi militants. In India, MCX September crude oil futures climbed nearly 2% to ₹8,915 per barrel, extending the bullish momentum amid heightened geopolitical risk. Meanwhile, the softer US dollar, with the dollar index easing towards 98.7, provided additional support to commodities, while markets turned their focus to upcoming US inflation data for further clues on the Federal Reserve?s interest-rate outlook.

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